Record renewable energy production supplies 71% of electricity consumption in 2024

In 2024, renewable energy production totalled 36.7 TWh, the highest value ever recorded in the national electricity system, driven by the growth in renewable installations and generally favourable conditions. Overall, renewables supplied 71% of the national consumption.

2024 was also the second-highest year ever for electricity consumption in the national system, surpassed only by the historical peak in 2010, which was approximately 2% higher. Last year, electricity consumption from the public grid reached 51.4 TWh, representing a 1.3% increase compared to the previous year (2.0% when adjusted for temperature effects and the number of working days).

Despite a year-end with lower hydropower production, the hydroelectric productivity index stood at 1.16 (historical average of 1). Wind conditions were also favourable, with an annual index of 1.06 (historical average of 1), whereas solar conditions were less favourable, with an index of 0.94 (historical average of 1). Hydropower plants and wind farms contributed similarly to the national system’s supply, with 28% and 27%, respectively, while photovoltaics accounted for nearly 10% and biomass for 6%. Notably, there were year-on-year increases of 24% in hydropower production and 37% in photovoltaics, which reached their highest-ever share of national consumption due to the strong expansion of this technology within the electricity system.

Non-renewable production, almost entirely from natural gas, amounted to 5.1 TWh, the lowest value since 1979 (at that time, non-renewable production was predominantly from fuel oil). This year, non-renewables represented only 10% of consumption. The reduced penetration of natural gas generation was attributed not only to the increased availability of renewable energy but also to the import balance, which totalled 10.5 TWh in 2024, the highest ever recorded in the national electricity system, supplying 20% of national consumption.

In December, consumption fell by 1.4% compared to the same month in the previous year. However, after adjusting for temperature and working day effects, a slight growth of 0.2% was observed.

In the natural gas market, total consumption in 2024 reached 40.5 TWh, marking a significant 17% reduction compared to the previous year, the lowest annual consumption since 2003. While the electricity production segment continued its downward trend of recent years with a sharp 56% contraction, the conventional segment, which includes other consumers, saw a year-on-year growth of 2%, the first positive record after four consecutive years of declining consumption.

The national system's supply in 2024 was almost entirely sourced from the Sines LNG terminal, with minimal input from interconnections with Spain. The gas unloaded at Sines originated mainly from Nigeria and the United States, accounting for 53% and 41% of the national supply, respectively.